SBI NRI Home Loan

SBI also known as the State Bank of India is a public sector multinational banking and financial services company with its headquarters situated in Mumbai. SBI has emerged with the largest consolidation ever in the banking industry by merging with 5 of its associates namely SBI Bikaner, SBI Jaipur, SBI Hyderabad, SBI Mysore, SBI Patiala and SBI Travancore along with Bharatiya Mahila Bank. State Bank is all set to enter the league of top 50 global banks with over 278000 employees, with a 33 trillion balance sheet, 24000 branches and 59000 ATMs. SBIs market share is all set to increase to 22% from 17%. The bank traces its history to the British Rule, and is the oldest bank in the entire country.
Every NRI desire a home in India. SBI allows many NRIs (non-resident India) to get home loans when investing in properties. SBI offers several loan products to help you to buy home for your family when you back India.

Purpose for NRI Home Loan

It is known to be most profitable investments for the NRIs to buy a house in the home country especially when the value of the Indian rupees compared to other currencies is pretty lower. It is a great opportunity for people who are working outside India as their income are high compared to Indian rupees value. NRI home loans provide all the necessary facilities to the applicants so that they can avail the home loan in their home country without any hassle.

Features and Benefits of SBI NRI Home Loan

The features of SBI NRI Home Loan and SBI NRI Home Loan benefits are as follows:

Interest rate: SBI NRI home loan interest rates are very low and competitive.

Processing fees: It offers home loan for NRIs with less processing fees.

No hidden charges: No any hidden charges by SBI bank for NRI home loans as whatever charges will be their all will be informed you well in advance by our advisor.

Tenure period: It provides you tenure period of 30 years to repay back your loan amount which is quite enough.

Concession for women borrowers: It provides special concession for women borrowers in interest rate.

Pre-payment: There will be no prepayment charges on your payment of loan before maturity, as a whole.

Bigger loan: You can get bigger loan by mentioning your parent’s income or by putting down expected rent collection if any.

Loan Amount of SBI NRI Home Loan

Minimum loan amount: SBI NRI minimum home loan amount is ranging from Rs.3 lack, for maxgain Rs. 20 lack, for reality Rs.3 lakh and for pal is Rs.10 lack. Maximum loan amount: SBI NRI maximum home loan amount for reality is Rs.10 crore.
For NRI home loan, Maxgain and pal: on the basis of Loan to Value (LTV) ratio as per the following:

Home loan amount

LTV ratio for salaried applicants

LTV ratio for non-salaried applicants

Up to Rs. 75 lakh

80%

75%

Above Rs.75 lack

75%

70%

Eligibility Criteria for SBI NRI Home Loan

SBI NRI Home Loan Eligibility is as follows :

Minimum age of applicant should be 18 years and with regular source of income (clubbing income of your co-borrowers/ guarantors and expected rent accruals on proposed property is permitted subject to certain conditions)

The applicant should have Valid Indian Passport as well as the relevant employment and resident Visa.

Applicant should be working in abroad for minimum period of 2 years but has completed 6 months of employment or working abroad on assignments with foreign Government/ government agencies or international/ regional agencies like the UNO, IMF, World Bank etc. Or central Government, state government or Public sector Undertakings, officials deputed abroad on temporary assignments or posted to their offices including Indian Diplomatic Missions abroad.

Existing NRE/NRO account holder with SBI.

About State Bank Of India NRI Home Loan

EMI Calculator of SBI NRI Home Loan

Processing Fees of SBI NRI Home Loan

Documentation of SBI NRI Home Loan

In respect to ensure the affordability of the NRI home loan one should check whether the present EMI will help in comparing among various options and also help to select the right home according to your budget.SBI NRI home loan EMI calculator helps you in finding the right home loan that suits your budget and also helps you to compare various NRI home loan offers. You just need to enter all the details such as the loan amount, interest details, EMI amount and the processing fees etc.

Processing fee and SBI NRI Home Loan charges are as follows:

Loan amount

Processing fees

Up to Rs. 25 lack

0.25% of loan amount, minimum Rs.1000

Above Rs.25 lack and up to Rs.75 lack

Rs. 6, 500

Above Rs.75 lack

Rs. 10, 000

NRI:

Identity proof

Copy of relevant pages of passport

Copy of visa/work permit.

Overseas address proof
Any one of the following:

Utility bill (electricity, gas, telephone).

Driving licence from abroad

Government issued National Identity card or labour card, or social card at the country of resident.